ESTC vs. MELI
ESTC (Elastic N.V.) and MELI (MercadoLibre, Inc.) are both stocks. ESTC operates in Software - Application (Technology), while MELI operates in Internet Retail (Consumer Cyclical). Over the past 5 years, ESTC returned -13.30%/yr vs 4.33%/yr for MELI. At a 0.47 correlation, their price movements are largely independent.
Performance
ESTC vs. MELI - Performance Comparison
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Returns By Period
In the year-to-date period, ESTC achieves a -15.03% return, which is significantly higher than MELI's -18.65% return.
ESTC
- 1D
- -5.16%
- 1M
- 26.53%
- YTD
- -15.03%
- 6M
- -14.56%
- 1Y
- -23.43%
- 3Y*
- -3.93%
- 5Y*
- -13.30%
- 10Y*
- —
MELI
- 1D
- -2.05%
- 1M
- -9.65%
- YTD
- -18.65%
- 6M
- -22.70%
- 1Y
- -37.03%
- 3Y*
- 8.84%
- 5Y*
- 4.33%
- 10Y*
- 28.35%
ESTC vs. MELI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ESTC Elastic N.V. | -15.03% | -23.86% | -12.09% | 118.83% | -58.16% | -15.77% | 127.26% | -10.04% | 2.11% |
MELI MercadoLibre, Inc. | -18.65% | 18.46% | 8.20% | 85.71% | -37.24% | -19.51% | 192.90% | 95.30% | -12.75% |
Correlation
The correlation between ESTC and MELI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2018 | 0.47 |
Over the past year, the correlation between ESTC and MELI has dropped to 0.24 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
Fundamentals
ESTC:
$6.75B
MELI:
$83.07B
ESTC:
$3.48
MELI:
$37.87
ESTC:
18.44
MELI:
43.27
ESTC:
0.04
MELI:
0.26
ESTC:
3.90
MELI:
2.71
ESTC:
5.29
MELI:
11.41
ESTC:
$1.74B
MELI:
$30.67B
ESTC:
$1.32B
MELI:
$13.95B
ESTC:
$56.03M
MELI:
$3.11B
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Return for Risk
ESTC vs. MELI — Risk / Return Rank
ESTC
MELI
ESTC vs. MELI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Elastic N.V. (ESTC) and MercadoLibre, Inc. (MELI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ESTC | MELI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.84 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | -0.91 | +0.48 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.66 | +0.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ESTC | MELI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | -0.94 | +0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | 0.09 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.58 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 0.45 | -0.47 |
Drawdowns
ESTC vs. MELI - Drawdown Comparison
The maximum ESTC drawdown since its inception was -76.82%, smaller than the maximum MELI drawdown of -89.49%. Use the drawdown chart below to compare losses from any high point for ESTC and MELI.
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Drawdown Indicators
| ESTC | MELI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -89.49% | +12.67% |
Max Drawdown (1Y)Largest decline over 1 year | -54.17% | -40.82% | -13.35% |
Max Drawdown (3Y)Largest decline over 3 years | -67.64% | -40.82% | -26.82% |
Max Drawdown (5Y)Largest decline over 5 years | -76.82% | -68.64% | -8.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -69.12% | — |
Current DrawdownCurrent decline from peak | -65.68% | -37.31% | -28.37% |
Average DrawdownAverage peak-to-trough decline | -39.92% | -23.57% | -16.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.67% | 22.40% | +5.27% |
Volatility
ESTC vs. MELI - Volatility Comparison
Elastic N.V. (ESTC) has a higher volatility of 18.63% compared to MercadoLibre, Inc. (MELI) at 17.25%. This indicates that ESTC's price experiences larger fluctuations and is considered to be riskier than MELI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESTC | MELI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.63% | 17.25% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 41.10% | 30.23% | +10.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.61% | 39.50% | +11.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.89% | 49.68% | +9.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.95% | 48.88% | +9.07% |
Dividends
ESTC vs. MELI - Dividend Comparison
Neither ESTC nor MELI has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESTC Elastic N.V. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MELI MercadoLibre, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.19% | 0.38% | 0.36% |
Financials
ESTC vs. MELI - Financials Comparison
This section allows you to compare key financial metrics between Elastic N.V. and MercadoLibre, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ESTC vs. MELI - Profitability Comparison
ESTC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Elastic N.V. reported a gross profit of 339.62M and revenue of 450.68M. Therefore, the gross margin over that period was 75.4%.
MELI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported a gross profit of 3.86B and revenue of 7.72B. Therefore, the gross margin over that period was 50.1%.
ESTC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Elastic N.V. reported an operating income of -16.41M and revenue of 450.68M, resulting in an operating margin of -3.6%.
MELI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported an operating income of 611.00M and revenue of 7.72B, resulting in an operating margin of 7.9%.
ESTC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Elastic N.V. reported a net income of 435.90M and revenue of 450.68M, resulting in a net margin of 96.7%.
MELI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported a net income of 417.00M and revenue of 7.72B, resulting in a net margin of 5.4%.
Frequently Asked Questions
ESTC and MELI have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESTC has higher volatility (18.63%) compared to MELI (17.25%). In terms of maximum drawdown, ESTC dropped -76.82% vs MELI's -89.49%.
ESTC currently has the higher Sharpe Ratio (-0.47 vs -0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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